ASX Trades 0.1% Higher As Omicron Fears Persist

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ASX Trades 0.1% Higher As Omicron Fears Persist
Credit: © Reuters.

By Oliver Gray - The ASX 200 was trading little changed at 7298.5 on Tuesday, following declines of 0.16% in the previous session as investor remained cautious amid growing concerns about the spread of the Omicron coronavirus variant undercutting the economic rebound and a critical setback to U.S. President Joe Biden's social spending bill.

ASX 200 Futures were up just 0.06%.

Among stocks, major miners lifted on rising Iron ore prices, with Rio Tinto Ltd (ASX: RIO ) up 1.15%, BHP Billiton Ltd (ASX: BHP ) adding 0.68% and Fortescue Metals Group Ltd (ASX: FMG ) up 0.92%.

Gold miners were mostly higher with Northern Star Resources Ltd (ASX: NST ) up 0.86%, Perseus Mining Ltd (ASX: PRU ) gaining 0.64%, Evolution Mining Ltd (ASX: EVN ) adding 2.28% while Newcrest Mining Ltd (ASX: NCM ) added 0.08%.

Technology shares were mostly lower as Appen Ltd (ASX: APX ) lost 0.98%, Novonix Ltd (ASX: NVX ) shed 8.56%, Altium Ltd (ASX: ALU ) lost 0.29%, Computershare Ltd. (ASX: CPU ) fell 1.14%, Technology One Ltd (ASX: TNE ) dropped 1.33% and Nextdc Ltd (ASX: NXT ) declined 1.15%. However, Xero Ltd (ASX: XRO ) and Iress Ltd (ASX: IRE ) bucked the trend, adding 1.64% and 0.79% respectively.

Financial heavyweight supported gains as Macquarie Group Ltd (ASX: MQG ) added 0.24%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lifted 0.51%, Commonwealth Bank Of Australia (ASX: CBA ) gained 0.05%, National Australia Bank Ltd (ASX: NAB ) added 0.42% and Westpac Banking Corp (ASX: WBC ) was up 0.33%.

On the bond markets, Australia 10-Year rates were at 1.575% while United States 10-Year yields held steady around 1.421%.

Coming up in the session the Reserve Bank of Australia is set to release the minutes from their latest policy meeting .

In New Zealand, the NZX 50 fell 0.09% to 12,755.

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